updated 1/5/2011 9:15:59 AM ET 2011-01-05T14:15:59

HOUSTON, Jan. 5, 2011 (GLOBE NEWSWIRE) -- Liberty Energy Corp. (OTCBB:LBYE) ("Liberty" or "the Company"), an Independent Oil and Gas Exploration and Production Company is delighted to provide an operational update, detailing further positive progress and production rates.

Texas - Lockhart Lease

The Lockhart Northeast Project in Caldwell County consists of four land tracts containing eight wells (five re-entry wells and three shut-in wells) over two leases. The Company has now successfully re-entered 2 wells and drilled out 1 well on the lease. The 3 wells in question are located on 2 tracts of land know as the Alexander A, housing 1 re-entry well called the #2 and the Alexander B, housing 2 shut-in wells called the #1 & #3.

The Company confirmed that the #1 & #3 wells located on the Alexander B lease recovered a total of 215 bbls of oil during the first 36 hours of production and have already produced a load which is scheduled to be collected and trucked to the refinery this week.

The Company has further confirmed the Alexander A #2 well has also produced encouraging quantities of oil during the first 4 days of production. The well is currently producing from the original zone known as the Austin Chalk, but the Company is currently considering several options for this lease which include drilling the Alexander A #2 well down to target depth to target production from the prolific Edwards shale play. This would further boost production.

"We are very pleased with the initial production rates of the wells on this lease and they have exceeded our expectations. Initial production rates have been double what we initial anticipated which is great news for the Company and its investors. We have always been optimistic about the production capabilities of all the wells on this lease and will be reviewing a full initial production report shortly. The full development of these leases will be instrumental in our growth. With spacing available for many more wells, we feel well positioned to grow both our production levels and revenues," commented Ian Spowart, CEO of Liberty Energy Corp. For more information and pictures of the team at work on the Lockhart project see the Liberty Energy website at www.energy-liberty.com/projects/texas/ .

ABOUT LIBERTY: Liberty Energy Corp (OTCBB:LBYE) is an Independent Oil and Gas Exploration and Production Company dedicated to the sourcing and production of fuel supplies in the United States and Europe. Headquartered in Houston, Texas, the company has leases and royalties in both Texas and Bulgaria, covering several wells with extensive potential for future development. In Texas, four leases – Dahlstrom, Ratliff, and two at Lockhart Northeast – are identified as rich oil and gas sites based around numerous geological pay zones. In North-West Bulgaria, Liberty has royalty rights to a 1,000,000+ acre natural gas property (the A-Lovech exploration block), an area of high quality, low- sulphur natural gas condensate. Through this combined international reach and domestic focus, Liberty Energy is committed to the development of U.S. fuel reserves while seeking out further opportunities for the global energy markets.

Certain statements in this press release are forward-looking and involve a number of risks and uncertainties.  Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended.  Liberty Energy Corp. bases these forward-looking statements on current expectations and projections about future events, based on information currently available.  The forward-looking statements contained in this press release may also include statements relating to Liberty Energy Corp.'s anticipated financial performance, business prospects, new developments, strategies and similar matters.  Liberty Energy Corp. disclaims any obligation to update any of its forward-looking statements, except as may be required by law.


Liberty Energy Corp

Ian Spowart Chief Executive Officer

CONTACT:  Liberty Energy Corp. 
            Two Allen Center
            Suite 1600
            1200 Smith Street
            Houston, TX 77002
          Investor Relations:

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